Wed | Dec 7, 2016

MOU to be signed with logistics investor

Published:Wednesday | March 11, 2015 | 1:50 PM
From left: Minister Anthony Hylton, Prime Minister Portia Simpson Miller and JAMPRO President, Diane Edwards at the opening of the Jamaica Investment Forum today.

Cabinet has approved the signing of a Memorandum of Understanding (MOU) with an investor group that has expressed strong interest in investing in a series of logistics-related infrastructure projects.

Minister of Industry, Investment and Commerce, Anthony Hylton, made the announcement this morning at the Jamaica Investment Forum now on at the Montego Bay Convention Centre.

According to Hylton, the new investor has proposed projects, which have a combined investment value of just over US$5 billion.

"Projects that will transform the business landscape for logistics in Jamaica and position the country for increased investments in related sectors such as manufacturing, outsourcing, financial services, tourism, and of course agri-business and creative industries," he explained.

The investment minister has come under attack up to recently from the Opposition Spokesman on Industry, Investment and Commerce, Karl Samuda, who challenged the Government to articulate some tangible achievements since it embarked on plans to establish the hub in Jamaica.

Samuda said that in the last two years, the administration has been involved "in an intellectual exercise that has led to nothing concrete".

However, addressing 137 international investors this morning, Hylton said he and his team were moving with deliberate speed to attract and sustain the right mix of investment and global partnerships to realise the ambition of becoming the logistics hub of the Americas, and the fourth pillar in the global trading system.

The two-day forum ends tomorrow evening.